The S&P and Dow Industrials are testing their all-time highs. The NASDAQ, Russell, and Transports are lagging. Add to this, the internal weakening of the rally off the recent lows, and I have to say there is still a reasonable probability of another rotation down. With that said, the trend of price short-term is up and that has to be respected. Most concerning is volume. With each day of higher prices, volume falls off. In fact, today’s trading produced negative net volume. This is not a market that is attracting new buyers. The resolution to the internal and Intermarket divergences will likely give us a very good move. Watch short-term support and resistance for the next greater degree possible move.